Govt.: Less Borrowing in Upcoming Budget

NASSAU, BAHAMAS – The Economic Affairs minister says the government is expecting the deficit to come in lower than projected. As he says, the government will have to borrow in the upcoming budget in may, but by how much?

Berthony McDermott has that.

Weeks ahead of the Davis administration’s first full budget communication, Economic Affairs Minister Michael Halkitis says the government will borrow less next fiscal year than it will in this one.

Back in May 2021, then Prime Minister and Minister of Finance Dr. Hubert Minnis said the fiscal deficit was projected to come in at around $1 billion as revenue intake was expected to remain sluggish.

When asked today, Halkitis didn’t say by how much that figure will drop this year, but attributed the decrease to an uptick in income.

The Economic Affairs minister added that this upcoming budget could also see adjustments in tariff rates.